TCRLA_Public/141027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Monday, October 27, 2014, Vol. 15, No. 212


                            Headlines



A R G E N T I N A

INDUSTRIAS METALURGICAS: S&P Affirms 'D' Corporate Credit Rating


B R A Z I L

BANCO ORIGINAL: Moody's Affirms E+ Bank Financial Strength Rating
BIOSEV S.A: Fitch Puts 'BB-' IDR on Watch Negative


C A Y M A N  I S L A N D S

A.A.M. INVESTMENTS: Members Receive Wind-Up Report
ARAMID ENTERTAINMENT: Payments to JVLs Okayed by U.S. Court
ARAMID ENTERTAINMENT: U.S. Court Sets Nov. 10 Claims Bar Date
CONTRARIAN ADVANTAGE: Member to Hear Wind-Up Report on Nov. 19
CONTRARIAN ADVANTAGE I: Member to Hear Wind-Up Report on Nov. 19

CONTRARIAN CAPITAL: Member to Hear Wind-Up Report on Nov. 19
CONTRARIAN CAPITAL I: Member to Hear Wind-Up Report on Nov. 19
CONTRARIAN EUROPEAN: Member to Hear Wind-Up Report on Nov. 19
EME PARTNERS: Shareholders Receive Wind-Up Report
EMERALT EMERGING: Shareholders Receive Wind-Up Report

ENDEAVOR CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 31
LDK SOLAR: Commences Chapter 11 & Chapter 15 Cases in U.S. Court
MARBLETON GRDC: Shareholders Receive Wind-Up Report


C H I L E

INSTITUTO COSTARRICENSE: Fitch Affirms Long-term IDRs at 'BB+'
CHILE: IDB OKs US$48MM Loan to Finance Citizens Services Program


C O S T A   R I C A

BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Officials, Business Leaders Eye Joint Investments


J A M A I C A

JAMAICA: CAC Secures J$16.3MM on Behalf of Aggrieved Consumers
JAMAICA: Agriculture Ministry Wants Increase in Cane Production
NATIONAL COMMERCIAL BANK: IDT Orders Increased Pay for Bank Staff


M E X I C O

SIXSIGMA NETWORKS: S&P Rates Preliminary 'BB-' CCR; Outlook Stable
SIXSIGMA NETWORKS: Moody's Assigns B1 Corporate Family Rating


X X X X X X X X X

* BOND PRICING: For the Week From October 20 to Oct. 25, 2014


                            - - - - -


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A R G E N T I N A
=================


INDUSTRIAS METALURGICAS: S&P Affirms 'D' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' corporate
credit ratings on Industrias Metalurgicas Pescarmona S.A.I.C. y F.
(IMPSA) and WPE International Cooperatief U.A. (WPEIC).  At the
same time, S&P affirmed its 'D' issue-level rating on WPEIC's
bullet 2020 bond.  S&P also lowered its senior unsecured rating on
IMPSA's Series I bond to 'D' from 'CC'.

The rating affirmation reflects S&P's expectation that the group
won't make any payments on its remaining past due financial
obligations within the applicable grace periods.

The downgrade reflects the missed principal payment on Series I
bonds' Oct. 22, 2014, maturity.  Although S&P's criteria
contemplates a five-day grace period, it believes default is a
virtual certainty because the group already announced it planned
to postpone the coupon and interest payments on all its financial
obligations and it is in the process of a debt restructuring.


===========
B R A Z I L
===========


BANCO ORIGINAL: Moody's Affirms E+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed global scale ratings assigned
to Banco Original S.A. (Original) and to Banco Original do
Agronegocio S.A. (BOA), including the bank financial strength
(BFSR) of E+ that maps to a baseline credit assessment of b1, the
long and short-term local and foreign-currency deposit ratings of
B1 and Not Prime, respectively. At the same time, Moody's upgraded
both banks' long-term Brazilian national scale deposit ratings to
Baa1.br, from Baa2.br, and the BR-2 short-term national scale
deposit rating was affirmed. The outlook remained stable for all
ratings.

The following ratings assigned to Banco Original S.A. and to Banco
Original do Agronegocio S.A. were affirmed:

Bank Financial Strength Rating of E+ (mapping to a BCA of b1);
stable outlook

Long-term global local-currency deposit rating of B1; stable
outlook

Long-term foreign currency deposit rating of B1; stable outlook

Short-term global local-currency deposit rating of Not Prime

Short-term foreign currency deposit rating of Not Prime

Short-term Brazilian national scale deposit rating of BR-2

The following rating assigned both to Banco Original S.A. and to
Banco Original do Agronegocio S.A. was upgraded:

Long-term Brazilian national scale deposit rating: to Baa1.br,
from Baa2.br; stable outlook

Rating Rationale

In affirming Banco Original's b1 baseline credit assessment,
Moody's acknowledged the progress toward the strategy of building
its management bench, risk management and technology
infrastructures to support the bank's franchise, which is targeted
to upper-mid-size corporates and agribusinesses. For the past 18
months, Original has rapidly grown its asset base and loan
portfolio, despite the headwinds of a decelerating economy;
however, as operating conditions remain weak, the bank's loan book
will season in a less favorable environment, which may hurt asset
quality and will challenge the sustainability of earnings
generation. Despite the expansion of its balance sheet, large
borrower concentrations and modest funding diversification remain
key credit challenges for Original.

The weak economic scenario expected for the next 12 months is also
likely to delay the bank's ongoing investment in a virtual retail
banking franchise, which is expected to broaden the bank's
depositor base, and benefit earnings recurrence and liquidity.

Moody's noted that the bank's high liquidity position and high
capitalization are important mitigating factors incorporated in
the ratings, and which support Original's growth plans and its
ability to absorb potential losses arising from a rapidly growing
loan book. These are positive rating drivers behind Moody's
upgrade of deposit ratings to Baa1.br, from Baa2.br in the
Brazilian national scale Because Banco Original and Banco Original
do Agronegocio are sister banks part of the JBS financial
conglomerate (J&F Financial Group, unrated), their capitalization
is assessed on a consolidated basis. As of June 2014, the
consolidated banks' Tangible Common Equity as a percentage of risk
weighted assets was 26.8%.

Original's funding structure remains concentrated by depositor
base and in June 2014 had 22% of its funding made of expensive
time deposits guaranteed by the local deposit insurance fund
(FGC). Management has made efforts to diversify the funding mix
via more granular and deposit-like instruments such as local
currency bonds linked to agribusiness operations (LCA) and to
mortgages loans (LCI), as well as time deposits (CDB), banknotes
(LF) and committed trade finance facilities, which will help to
gradually reduce funding costs.

Moody's also noted Moody's stable outlook on BOA's rating reflects
the limited earnings generation as it gradually runs off its
operations. Nevertheless, BOA shares improved risk management
practices, controls, management team and regulatory capital with
Original, which supports its B1 rating.

The B1 global local currency deposit rating derives from the b1
standalone baseline credit assessment, and does not benefit from
an uplift from systemic support because of the banks' modest
market share in domestic deposits. The global local currency
deposit rating of B1 has historically been associated with default
frequencies of 10.9% and 19.0% over 3- and 5-year investment
horizons, respectively, said Moody's.

The principal methodology used in this rating action was Moody's
Global Banks methodology published in July 2014.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
"za" for South Africa.

The last rating action on Banco Original and Banco Original do
Agronegocio was on 5 June 2012, when Moody's assigned for the
first-time ratings, including the BFSR at E+ (b1 baseline credit
assessment); global local and foreign currency deposit ratings at
B1/Not Prime, long and short-term respectively, and Brazilian
national scale deposit ratings at Baa2.br/BR-2, long and short-
term respectively. The outlook on all ratings was stable.

Banco Original S.A. and Banco Original do Agronegocio S.A. are
headquartered in Sao Paulo, Brazil. As of 30 June 2014, Original
financial conglomerate had consolidated assets of BRL3,242.5
million ($1,471.1 million) and equity of BRL2,060.5 million
($934.8 million).


BIOSEV S.A: Fitch Puts 'BB-' IDR on Watch Negative
--------------------------------------------------
Fitch Ratings has placed the existing corporate ratings of Biosev
S.A. (Biosev), Jalles Machado S.A. (Jalles Machado), Tonon
Bioenergia S.A. (Tonon), U.S.J. - Acucar e Alcool S.A (U.S.J.),
and their respective issuances on Rating Watch Negative. At the
same time, Fitch has affirmed the ratings of Raizen Energia S.A.
with a Stable Outlook.

Key Rating Drivers

These rating actions are due to increased systemic risk in the
Brazilian sugar and ethanol (S&E) sector for issuers following the
default by Aralco S.A. Industria e Comercio and Virgolino de
Oliveira S.A. Acucar e Alcool's (GVO) announcement that it is
considering a debt restructuring. These actions have made it
increasingly difficult for companies to obtain working capital
financing and to secure sugar cane from third parties.

Fitch expects continued pressure on S&E companies' free cash flow
and liquidity over the next 12 months. The rebound of
international sugar prices is taking longer than expected to
materialize and hikes in ethanol prices are uncertain given the
political issues surrounding Brazilian energy policies. Crushed
volumes will fall across the board in fiscal 2015 due to the
unusually dry weather conditions in Brazil's largest sugar cane-
producing region. As a result of declining agriculture yields,
crushing volumes are projected to decline, which hurts fixed cost
dilution and raises the level of breakeven prices. The state of
Sao Paulo, where U.S.J. and Tonon concentrate their crushing
operations and Biosev runs 55% of its crushing capacity, has been
the most affected by this unusually dry season. Jalles Machado is
not likely to be affected as it runs its two mills in the State of
Goias, which is not affected by the dry weather.

Raizen Energia S.A.'s (Raizen) sizeable scale, extensive fuel
distribution network and diversified asset base have given it a
credit profile that is able to withstand this period of high cash
burn. Raizen is the leading global sugar and ethanol producer,
with 11% market share in Brazil's fragmented market. It is also
the third largest fuel distributor in Brazil and the largest
generator of biomass energy in the country. The downstream
business currently accounts for approximately 45% of Raizen's
EBITDA and 41% of its cash flow from operations (CFFO), which
therefore reduces the cash flow volatility associated with the
sugar and ethanol industry. Raizen has a strong liquidity position
of BRL2.3 billion. Its shareholders, Shell Brazil Holdings BV,
which is a subsidiary of Royal Dutch Shell Plc (rated 'AA' by
Fitch), and Cosan S.A. Industria e Comercio ('BB+'), further
support the company's liquidity position through a USD500 million
stand-by committed line of credit.

Rating Sensitivities

The current level of cash burn and the weak liquidity position
will result in near-term downgrades if sugar and ethanol prices do
not recover quickly and substantially.

Higher prices for sugar and ethanol that would lead to more robust
operating cash flows and improved liquidity positions could result
in positive rating actions. Any government measures that lead to
increased demand for ethanol in Brazil or increased bank lending
to the sector would be viewed positively. A transparent policy by
Petrobras for regularly adjusting local fuel prices would also
likely improve lenders' confidence in the sector and could also
lead to positive rating actions.

Fitch has placed the following ratings on Negative Watch:

Biosev S.A

-- Foreign and local currency Issuer Default Ratings (IDRs) 'BB-';
-- Long-term national scale rating 'A+(bra)'.

Jalles Machado S.A

-- Foreign and local currency IDRs 'BB-';
-- Long-term national scale rating 'A+(bra)'.

U.S.J. - Acucar e Alcool S.A.

-- Foreign and local currency IDRs 'B+';
-- Long-term national scale rating 'A-(bra)';
-- USD275 million senior unsecured notes due 2019 'B+/RR4'.

Tonon Bioenergia S.A.

-- Foreign and local currency IDRs 'B';
-- USD300 million senior unsecured notes due 2020 'B/RR4';
-- USD230 million senior secured notes issued by Tonon Luxembourg
S.A. and guaranteed by Tonon Bioenergia S.A. due in 2024 'B/RR4'.

In addition, Fitch affirmed the following ratings:

Raizen Energia S.A.

-- Foreign currency IDR at 'BBB';
-- Local currency IDR at 'BBB';
-- National scale rating at 'AAA(bra)'.

Raizen Combustiveis S.A.

-- Foreign currency IDR at 'BBB';
-- Local currency IDR at 'BBB';
-- National scale rating at 'AAA(bra)'.

Raizen Energy Finance Limited (Raizen Energy Finance):

-- Senior unsecured notes due in 2017 at 'BBB'.

The Rating Outlook for Raizen Energia S.A and affiliates remains
Stable

The agency also rates other sugar and ethanol companies as
follows, whose ratings were not affected:

Aralco S.A. Industria e Comercio:

-- Foreign and local currency IDRs 'D';
-- National long-term rating 'D(bra)';
-- USD250 million senior unsecured senior notes due 2020 issued by
Aralco Finance S.A. 'C/RR5'.

Virgolino de Oliveira S.A. Acucar e Alcool

--Foreign and local currency IDRs 'CC';
--Long term national scale rating 'CC(bra)';
--BRL100 million senior unsecured debentures due 2014 'CC(bra)'.

Virgolino de Oliveira Finance S.A.

-- USD300 million senior unsecured notes due 2022 'CC/RR4';
-- USD135 million senior secured notes due 2020 'CC/RR4';
-- Foreign and local currency IDRs 'CC'.


==========================
C A Y M A N  I S L A N D S
==========================


A.A.M. INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of A.A.M. Investments Limited received on Oct. 24,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


ARAMID ENTERTAINMENT: Payments to JVLs Okayed by U.S. Court
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has authorized Aramid Entertainment Fund Limited, et al., to
employ and compensate Geoffrey Varga -- geoff.varga@kinetic-
partners.com -- and  Jess Shakespeare -- jess.shakespeare@kinetic-
partners.com -- as joint voluntary liquidators ("JVLs"), nunc pro
tunc to the Petition Date.

To the best of the Debtors' knowledge, the JVLs are "disinterested
persons" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Additionally, the Debtors are authorized to employ and compensate
Kinetic Partners (Cayman) Limited for the necessary support
services of all other individuals supporting the JVLs in their
efforts performed prior to Nov. 1, 2014; provided, however, that
the fee cap in respect of voluntary liquidation in the engagement
letter will not be applicable to the engagements.

For periods from and after Nov. 1, 2014, only the JVLs will be
employed pursuant to the terms of the order, provided that the
JVLs may seek a further order of the Court approving employment of
a firm unaffiliated with them to provide services similar to those
performed by Kinetic until Nov. 1, 2014.

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped Reed Smith, LLP, in New York, as counsel
and Kinetic Partners (Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between
$10 million to $50 million in liabilities.


ARAMID ENTERTAINMENT: U.S. Court Sets Nov. 10 Claims Bar Date
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established Nov. 10, 2014, as the deadline for any individual or
entity to file proofs of claim against Aramid Entertainment Fund
Limited, et al.

Proofs of claim filed by governmental units are due Dec. 31.

Proofs of claim must be filed electronically on the Courts Case
Management/Electronic Case File system.  Those without access to
the CM/ECF system may file their proofs of claim by mailing or
delivering the original proof of claim by hand to:

         The U.S. Bankruptcy Court
         Southern District of New York
         One Bowling Green, Room 534
         New York, NY 10004-1408

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped Reed Smith, LLP, in New York, as counsel
and Kinetic Partners (Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between
$10 million to $50 million in liabilities.


CONTRARIAN ADVANTAGE: Member to Hear Wind-Up Report on Nov. 19
--------------------------------------------------------------
The member of Contrarian Advantage Master Fund I Limited will hear
on Nov. 19, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877


CONTRARIAN ADVANTAGE I: Member to Hear Wind-Up Report on Nov. 19
----------------------------------------------------------------
The member of Contrarian Advantage Fund I Limited will hear on
Nov. 19, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877


CONTRARIAN CAPITAL: Member to Hear Wind-Up Report on Nov. 19
------------------------------------------------------------
The member of Contrarian Capital Finance Offshore, Ltd will hear
on Nov. 19, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877


CONTRARIAN CAPITAL I: Member to Hear Wind-Up Report on Nov. 19
--------------------------------------------------------------
The member of Contrarian Capital Fund I Offshore Limited will hear
on Nov. 19, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877


CONTRARIAN EUROPEAN: Member to Hear Wind-Up Report on Nov. 19
-------------------------------------------------------------
The member of Contrarian European Fund, Ltd. will hear on Nov. 19,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877


EME PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of EME Partners (Cayman) Ltd received on Oct. 17,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


EMERALT EMERGING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Emeralt Emerging Europe Fund received on
Oct. 17, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


ENDEAVOR CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 31
--------------------------------------------------------------
The shareholder of Endeavor Cayman Ltd. will hear on Oct. 31,
2014, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


LDK SOLAR: Commences Chapter 11 & Chapter 15 Cases in U.S. Court
----------------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The U.S. Debtors commenced
the Chapter 11 Cases in order to implement the prepackaged plan of
reorganization, with respect to which the U.S. Debtors launched a
solicitation of votes on September 17, 2014 from the holders of
LDK Solar's 10% Senior Notes due 2014, as guarantors of the Senior
Notes, and required such holders of the Senior Notes to return
their ballots by October 15, 2014.  Holders of the Senior Notes
voted overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.

At a hearing on October 22, 2014, the U.S. Bankruptcy Court
ordered customary relief including the authority for the Debtors
to continue to maintain their existing banking structure, to honor
all obligations to employees, and to continue all of their
ordinary course activities during the restructuring.  The U.S.
Bankruptcy Court also scheduled a hearing for November 21, 2014 at
which it will consider confirmation of the Prepackaged Plan and
Chapter 15 recognition of the Cayman Proceeding.

Both the Chapter 11 Cases and Chapter 15 Case are vital steps in
LDK Solar's offshore restructuring, which LDK Solar hopes to
conclude in 2014.  More information about the Chapter 11 Cases and
Chapter 15 Case are available on the website of the U.S. Debtors'
U.S. Voting Agent, Epiq Bankruptcy Solutions, LLC, at
(http://dm.epiq11.com/LDK).

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

The Company's balance sheet at June 30, 2014, showed $3.3 billion
in total assets, $5.23 billion in total liabilities and total
stockholders' deficit of $1.92 billion.

The Company had a working capital deficit and negative equity and
incurred net loss over the past years due to the overall market
decline and its financial performance.  Due to the impending
maturity of its Renminbi-denominated US$-settled 10% Senior Notes
due 28 February 2014, with an aggregate principal amount of RMB
1.63 billion, the Company decided to file the appointment of
provisional liquidators in the Grand Court of Cayman Islands
on 21 February 2014.  Eleanor Fisher and Tammy Fu of Zolfo Cooper
(Cayman) Limited were appointed as joint provisional liquidators
of the Company on 27 February 2014.  "These factors raise
substantial doubt as to our ability to continue as a going
concern," according to the Company's regulatory filing with the
SEC.


MARBLETON GRDC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Marbleton GRDC (Cayman) Limited received on
Oct. 15, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Sobel, Managing Member, Altai LLC
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


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C H I L E
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INSTITUTO COSTARRICENSE: Fitch Affirms Long-term IDRs at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer
Default Ratings (IDRs) at 'BB+' as well as its national scale
ratings at 'AAA(cri)' and 'AAA(slv)'. The Rating Outlook is
Stable.

Key Rating Drivers

Grupo ICE's ratings are supported by its linkage to the Sovereign
rating of Costa Rica (FC and LC IDRs rated 'BB+'/Outlook Stable by
Fitch), which stems from the government ownership and government's
implicit and explicit support. The company holds strategic
importance for the government given the growing demand of
electricity in the country and government's plans to increase
renewable generation and to reduce exposure to fluctuations in
fossil fuel prices. The ratings also reflect company's diversified
portfolio of assets, adequate financial profile, aggressive
capital expenditure program oriented to increase renewable
generation capacity and maintaining a strong market share position
in the telecommunications business.

Diversified Asset Portfolio

Grupo Ice is a vertically integrated monopoly in the electricity
industry and the incumbent player in the Telecom industry in Costa
Rica. The ratings reflect the company's low business risk
resulting from its business diversification and positive
characteristics as a utility service provider.

Grupo ICE had an installed electric generation capacity of 2,159
megawatts (MW) (national capacity of 2,731MW) as of year-end 2013
and is the exclusive owner of the national transmission grid. The
national electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy in
coordination with Grupo ICE or sell their energy to Grupo ICE. The
company is expected to remain a leader in the telecommunications
industry in the country, notwithstanding recent changes that
opened the industry to competition. Although this will increase
competition, it is also expected to enhance regulatory
transparency. ICE's market share in terms of subscribers was near
to 100% in fixed telephony and 70% in mobile at 2013-end.

The company generated revenues and EBITDAR of USD 2,550 million
and 853 million for LTM ended in June 2014, respectively (USD
2,647 million and USD936 million in 2013). The company's
electricity segment represented approximately 59% of total
revenues in 2013 and the telecommunications division contributed
the rest. Fitch expects ICE's electricity business to increase its
contribution given the current and future expansion projects, as
well as relatively stable results in the telecommunications
segment.

Leverage Driven By Capex

Company's leverage has weakened as result of the ongoing large
capital expenditure program, which is mainly financed with debt.
Fitch expects the company will be able to reduce leverage as new
generation projects, such as PH Reventazon, become online in the
next few years, absent of adverse changes in tariffs.

Grupo ICE reported consolidated debt of USD3.6 billion and a
financial leverage ratio, measured as total adjusted debt-to-
EBITDAR, of 5.6x as of June 30, 2014. Approximately 85% of total
financial debt is denominated in U.S. dollars, which exposes the
company to fluctuations in the exchange rate. In the first half of
2014, the company recorded a net non-cash loss, related to foreign
exchange fluctuations, of approximately USD 240 million due to the
depreciation of the Costa Rican Colon.

In the short-term, credit metrics could deteriorate as result of
adverse weather conditions and a lag in regulated tariffs to
incorporate the costs of thermal generation and net electricity
imports. A further deterioration of the exchange rate of the local
currency may also impact leverage ratios. These factors could
reduce company's ability to meet some financial covenants and its
financial flexibility.

Aggressive Capital Expenditure Plan

Grupo ICE's capital investment plan is considered aggressive and
could weaken the company's financial profile, absent increased
cash flow generation and adequate tariff adjustments. The company
plans to invest approximately USD3.7 billion over the next five
years in order to supply electricity to meet demand and maintain
its leadership position in telecommunications in Costa Rica.

Going forward, leverage could increase consistently to over 6.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe or don't received
opportunely tariff adjustments. Grupo ICE expects to finance its
investments with a combination of internal cash flow, debt, Build
Operate and Transfer (BOT) transactions, project finance vehicles
and operating leases.

High Exposure To Regulatory And Political Interference

Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules.
The company annually proposes to the regulator electricity tariffs
for end-users; in previous years, the regulatory and political
interference affected the tariff adjustment process.

Since 2013 tariffs are adjusted quarterly to reflect changes in
fuel costs. This change had a positive effect on Grupo ICE's
working capital and reduces its exposure to hydrology risk.
Formerly the regulator approved tariffs that do not fully
recognized the company's moderate exposure to fuel prices borne by
its thermoelectric generation business (8%-10% of annual
generation on average). The issuer is proposing to modify the
existing tariff scheme to incorporate the costs of net electricity
imports given ongoing adverse weather conditions.

The Telecom regulatory framework considers changes in tariffs and
competition rules. Fitch expects that new regulations could
enhance regulatory transparency. Nevertheless, telecommunications
tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain
relative stable cash flows. The company is also exposed to
political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

Ratings Sensitivity

-- Grupo ICE's ratings could be negatively affected by any
combination of the following factors: sovereign downgrades;
weakening of legal, operational and/or strategic ties with the
government; or regulatory intervention that negatively affects the
company's financial performance;
-- Grupo ICE's ratings could be positively affected by an upgrade
of Costa Rica's sovereign rating, or if the company is materially
isolated from government interference.

Fitch has affirmed the following ratings for Grupo ICE:

-- Long-term FC IDR at 'BB+'; Outlook Stable;
-- Long-term LC IDR at 'BB+'; Outlook Stable;
-- Senior unsecured debt at 'BB+';
-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Outlook
Stable;
-- Senior unsecured domestic long-term debt (Costa Rica) at
'AAA(cri)';
-- Short-term debt at 'F1+(cri)';
-- Long-term national scale (El Salvador) at 'AAA(slv)'; Outlook
Stable
-- Senior unsecured domestic long-term debt (El Salvador) at
'AAA(slv)'.


CHILE: IDB OKs US$48MM Loan to Finance Citizens Services Program
----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$48
million loan to finance a program that will help improve
management of services that the Chilean government provides to its
citizens.

The Program to Improve Public Management and Citizen Services will
promote enhancement of the effectiveness and efficiency of
agencies that oversee and supply services to citizens,
strengthening their management capabilities.

"Since the 1990s Chile has sought to gradually improve the quality
of the public services it provides," said Juan Carlos Cort zar,
leader of the IDB project team.  "The challenge now is to keep
developing the capabilities of the agencies that regulate or
provide services so as to make people more satisfied with those
services."

Chile is a leader in the region in the effectiveness of public
services and the providing of services.  Still, the average
quality of these services faces major challenges to reach the
standards of excellence of the countries of the Organization for
Economic Cooperation and Development.

The components of the program include strengthening agencies
responsible for overseeing services and those which provide them,
and the development of tools for fashioning, following up on and
evaluating management improvement projects.

The project aims to boost citizen satisfaction as measured by the
National Survey of Citizens' Rights.

The IDB loan of US$48 million comes from its ordinary capital.  It
is over 15 years with a grace period of six and a half, an
interest rate based on LIBOR and a local contribution of US$48
million.


===================
C O S T A   R I C A
===================


BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term issuer credit ratings on Banco Internacional de
Costa Rica S.A. (BICSA).  The outlook remains stable.

The issuer credit ratings on BICSA continue to reflect S&P's
assessment of its "adequate" business position.  The bank operates
in the highly competitive trade finance sector.  It has "adequate"
capital and earnings with improved earnings and internal capital
generation, and an "adequate" risk position thanks to its
manageable nonperforming assets (NPAs) and credit losses.  The
ratings also reflect its "average" funding and "adequate"
liquidity.  The stand-alone credit profile remains at 'bb'.

The 'bb' anchor draws on S&P's Banking Industry Country Risk
Assessment (BICRA) methodology and S&P's view of the weighted
average economic risk in the countries in which BICSA has exposure
through its loan book.  A BICRA is scored on a scale from '1' to
'10', ranging from the lowest risk banking systems (group '1') to
the highest risk (group '10').  "BICSA operates mainly in Costa
Rica and Panama, together accounting for about 65% of its total
loan portfolio exposure as of June 30, 2014," said Standard &
Poor's credit analyst Arturo Sanchez.  The remaining 35% comes
mainly from operations throughout Central America.  As a result,
the weighted economic risk for BICSA is '6'.  S&P expects these
exposures to remain fairly stable over the next two years, and as
a result, Costa Rica and Panama will represent the bank's largest
exposures.  Low per capita income levels in the countries where
the bank operates drive S&P's economic risk score for the bank.
Low per capita income increases these countries' vulnerability to
external shocks, and weakens debt and payment capacity in
countries with weak rule of law.  BICSA's operations in Costa Rica
are indirectly government-owned and are exposed to industry risk
related to very high credit risk in the system due to the bank's
high portion of dollar-denominated loans and relatively aggressive
underwriting standards.  Moderate credit growth and the absence of
asset price bubbles partially mitigate these factors.  With regard
to industry risk, Costa Rica's banking industry includes a
significant presence of government-owned banks, and this causes
significant market distortions.  Limited access to foreign markets
and narrow local debt and capital markets continue to represent
challenges for the system.  Nonetheless, the system's retail
deposit base is stable and has shown consistent growth.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Officials, Business Leaders Eye Joint Investments
------------------------------------------------------------------
Dominican Today reports that representatives of Dominican
Republic's and Haiti's governments and private sectors that form
part of the Quisqueya Business Summit met in Port au Prince Oct.
23, to explore investment opportunities between the two countries.

Dominican Foreign Minister Andres Navarro and Haiti Prime Minister
Laurent Lamothe headed the meeting, as a follow up to the talks
and agreements reached during meetings of the High Level Dialogue
held in Jimani and Juan Dolio, according to Dominican Today.

The report notes that Mr. Navarro said the dialogue that began 10
months ago has resulted in measures and actions, including
projects to promote trade, competitiveness and border development.

"The Dominican government wishes to reaffirm that Dominican
Republic's doors are always open to listen and work with
responsible and bold entrepreneurs, interested in creating decent
jobs and invest in profitable and sustainable projects, so that
our economies become stronger," the report quoted Mr. Navarro as
saying.

In his speech, the chancellor said an Investment Fund must be
urgently implemented to serve as the private sector's financial
instrument to materialize bilateral projects, the report relates.

The official noted the case of the Compagnie de Industriel
Development, known as CODEVI as an examples of successful
investments at the border, which has not only been great for
business but also for human development by creating more than
40,000 jobs at the border area, the report discloses.

The ministers of Industry and Commerce, Jose del Castillo; of
Agriculture, Angel Estevez; of Finance, Simon Lizardo; and Elias
Pi¤a province senator Adriano Sanchez Roa were  also present in
the meeting, the report says.

Representing the Dominican business sector were Termoenvases
president Joseph Singer, Vicini Group president Juan Vicini, and
Fernando Capellan of Group M, among others, the report adds.


=============
J A M A I C A
=============


JAMAICA: CAC Secures J$16.3MM on Behalf of Aggrieved Consumers
--------------------------------------------------------------
RJR News reports that the Consumer Affairs Commission (CAC) is
reporting that it secured J$16.3 million on behalf of aggrieved
consumers since the start of the financial year.

It also settled 686 of 877 complaints, representing a 78 per cent
resolution rate, according to RJR News.

Dolsie Allen, Chief Executive Officer of the CAC, made the
disclosure during a stakeholder sensitization meeting on the
revised Motor Vehicle Import Policy, the report relates.

The report discloses that the CAC secured J$8.2 million from
transactions in the motor vehicle trade, with 66 of the 82
complaints received from that sector having been resolved by the
agency.

Meanwhile, Mrs. Allen is urging car dealers to issue receipts at
the point of sale, the report relates.

The receipts must have the description of the vehicle, name and
address of the vendor, date of the transaction and the amount to
be paid by the customer, RJR News says.

                          Full Enforcement

The report relays that Victor Cummings, Chief Executive Officer of
the Trade Board, has reiterated that the new Motor Vehicle Import
Policy, which went into effect in April, will be fully enforced.

Mr. Cummings, speaking at the meeting, said the Policy will build
a dealers costumer base, the report notes.  Mr. Cummings reminded
business operators that they are not allowed to import a vehicle
until they have a license, the report relays.

Jamaica's Motor Vehicle Policy was revised to adhere to the
Government's safety standard of keeping motorist safe on the roads
by eliminating the importation of vehicles which may be faulty or
severely damaged, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Agriculture Ministry Wants Increase in Cane Production
---------------------------------------------------------------
RJR News reports that Luther Buchanan, Minister of State in the
Ministry of Agriculture & Fisheries, has called for cane farmers
to increase production in order to be more competitive.

Mr. Buchanan announced that, in order to provide greater incentive
for cane expansion, effective January 1, 2015, the Cane Expansion
Fund (CEF) will increase the loan amount for cane planting and
replanting, according to RJR News.

The report relates that this sum will move from J$250,000 to
J$260,000 per hectare for irrigated areas, and J$230,000 for each
hectare of non-irrigated areas, up from J$220,000.

Mr. Buchanan, addressing the Westmoreland and Hanover Sugar Cane
Growers Association's annual general meeting, said, based on the
expansion of the Frome Sugar Factory, the sector is poised for
growth, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


NATIONAL COMMERCIAL BANK: IDT Orders Increased Pay for Bank Staff
-----------------------------------------------------------------
RJR News reports that the Industrial Disputes Tribunal (IDT) ruled
that National Commercial Bank (NCB) should increase the salary
offer to its more than 1700 unionized employees.

The matter was referred to the IDT, following a strike by NCB
employees in May last year, according to RJR News.

Paul Stewart, President of the NCB Staff  Association, explained
in an interview with RJR's Financial Report, that the bank has
been ordered to grant a salary increase of eight per cent to
employees represented by the Staff Association for 2012/2013, "and
a similar percentage for the year 2013/2014."

Recalling the strike in 2013, Mr. Stewart said this action was
taken because the bank had offered the workers five per cent in
year one and four per cent in the second year of the contract
period being negotiated then, RJR News notes.

This offer was considered "not realistic and they could not say to
the union . . . how they arrived at that percentage," the report
quoted Mr. Stewart as saying.

The report notes that Mr. Stewart had said he will contact the
bank on Oct. 24, requesting that payment be made to the workers in
three to four days.

The contract period began in October 2012, and according to Mr.
Stewart, retroactive payments will also be made to workers whose
positions were made redundant during that period, the report adds.

                       About NCB

Headquartered in Kingston, Jamaica, National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2014, Fitch Ratings affirmed the long-term foreign
currency and local currency IDRs for National Commercial Bank
Jamaica Ltd. (NCBJ) at 'B-'.  Fitch has also revised NCBJ's Rating
Outlook to Stable from Negative.  Additionally, Fitch has affirmed
NCBJ's Viability Rating (VR) at 'b-' and revised its Support
Rating Floor (SRF) to 'B-' from 'CCC.'


===========
M E X I C O
===========


SIXSIGMA NETWORKS: S&P Rates Preliminary 'BB-' CCR; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB-'
corporate credit rating to Sixsigma Networks Mexico, S.A. de C.V.
(KIO Networks).  The outlook is stable.  The preliminary rating is
subject to the successful medium- or long-term financing and
completion of the acquisition of redIT (not rated).

S&P also assigned its preliminary 'BB- ' issue-level rating to the
company's up to $600 million in proposed senior unsecured notes
due 2021.  The '4' recovery rating on this debt indicates S&P's
expectation for an average (30% to 50%) recovery for lenders in
the event of a payment default.  The company will use proceeds
mainly to fund redIT's acquisition, and to pay down existing debt.

"The rating reflects the company's small scale, limited geographic
business diversity slightly lower EBITDA margins than those of its
peers, and relatively low churn rates," said Standard & Poor's
credit analyst Fabiola Ortiz.  In S&P's view, the offsetting
factor is its expectation that the KIO Networks will maintain its
adequate market position in Mexico thanks to the long-term
contracts with mid- and large-size customers.  The rating also
incorporates the company's financial sponsor ownership with 86%
own by private equity firm Tresalia (not rated) which constrains
S&P's financial risk profile assessment and aggressive projected
capital expenditures.


SIXSIGMA NETWORKS: Moody's Assigns B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a first-time B1 corporate
family rating ("CFR") to SixSigma Networks Mexico, S.A. de C.V.
("KIO"). At the same time, Moody's also assigned a B1 rating to
KIO's proposed USD 600 million senior unsecured notes. The company
will use the proceeds to fund the acquisition of MetroNet S.A.P.I.
("redIT"), to repay debt at redIT and KIO's level and for general
corporate purposes.

Issuer: SixSigma Networks Mexico, S.A. de C.V.

Corporate Family Rating, Assigned B1

Senior Unsecured Guaranteed Global Notes, Assigned B1

KIO's B1 Corporate Family Rating reflects its position as the
leading regional independent data center operator in Mexico,
offering a wide range of mission critical IT solutions for
corporate, government and SMB customers. The rating also
incorporates the company's stable base of contracted recurring
revenues and the favorable near-term growth trends for data center
services in the region in which it operates. These positive
factors are offset by industry risks, such as intensifying
competition, and relatively high capital intensity which will
likely result in negative free cash flow over the next years.
KIO's small size and weaker Funds from Operations (FFO) margins
relative to its rated peers also constrain the rating.

Moody's expects KIO to maintain adequate liquidity over the next
twelve months. Moody's estimate that, pro forma for the notes and
redIT's acquisition, KIO will have some USD 65 million in cash by
the end of October or once the notes are successfully issued and
virtually no short term debt. Considering high capex needs for the
remainder of the year, Moody's expect KIO to end 2014 with a cash
position of around USD 20 million. Going forward, KIO's cash
generation should remain neutral or even negative considering its
strategy to reinvest all cash generated in the ramp up of new data
centers. Capex for 2015 -- 2016 should remain at around USD 150
million on average per year, as per the company's growth strategy.
Somewhat mitigating liquidity risk is the fact that the company is
not planning any dividend pay-out during this rapid growth phase
and that most of the capex planned is success based, with some
flexibility to cut it under unanticipated weaker services demand.

KIO does not have committed lines but instead relies on
uncommitted bank facilities to fund working capital needs along
the year. Moody's also consider that the equity injection of USD
50 million that KIO's shareholders plan to do after redIT's
acquisition set precedent of their ability and willingness to
support the company's expansion plans. Also supportive of KIO's
plans is the bridge loan Tresalia will provide in order to fund
the acquisition until the placement of the proposed notes.

The proposed notes will be issued by Sixsigma Networks M‚xico,
S.A. de C.V. (KIO Networks). Although the issuer is the holding
company of KIO, it is also the main operating company of the
group. In addition, the notes will be unconditionally guaranteed
by redIT's subsidiaries. As per KIO's information, the issuer and
guarantor group account for around 93% and 99% of consolidated
assets and EBITDA, respectively. Moody's consider that the
proposed capital structure poses few risk of structural
subordination of the notes. Therefore, the notes are rated at the
same level of the CFR. Although not envisioned in the foreseeable
future, any change in the capital structure that results in a
material subordination for the bondholders of the notes could lead
to a notching down in the note's ratings.

The stable outlook reflects Moody's expectation that KIO will be
able to maintain or gradually improve its current credit metrics
while executing its expansion plans.

Moody's could raise KIO' ratings if the company generates positive
free cash flow and Moody's adjusted leverage trends comfortably
below 3x, both on a sustainable basis. Likewise, the ratings could
be lowered if liquidity were to become strained and pressured by a
covenant breach with leverage raising above 4.x (Moody's
adjusted). Negative pressure could also be built if industry
pricing were to deteriorate due to competitive pressure.

Headquartered in Mexico City, Mexico, KIO provides managed IT
infrastructure services to government and corporate customers. The
company was founded in 2002 and since then has been engaged in
projects managed IT infrastructure solutions, cloud services,
critical connectivity, corporate and homeland security services,
SAP services, disaster recovery and business continuity plans,
application management, security services, among others. In 2014,
the company acquired redIT, an IT infrastructure company attending
mainly private corporate customers in Mexico and the US. Pro forma
for the acquisition, KIO will operate 12 technological campuses in
Mexico, Panama, Guatemala, the Dominican Republic, San Diego,
California and, by end of 2014, Spain. KIO's 1,735 km fiber
network also supports its critical connectivity solutions offer.
The company is privately owned, controlled by Tresalia Capital a
private equity fund owned by the Aramburuzabala family. For the
end of 2014 and pro forma for the acquisition, KIO expects
revenues of around USD 450 million with an EBITDA margin of around
35%.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From October 20 to Oct. 25, 2014
-------------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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